In November, the U.S. trade deficit expanded significantly to $56.8 billion, up from $29.2 billion in October. This surge was largely influenced by a spike in imports of computers and semiconductors, reflecting ongoing investment in technology, as per new data from the Commerce Department released on Thursday.
These November numbers represent a notable rebound from October’s particularly low deficit, the smallest since June 2009, which was influenced by temporary variations in gold and pharmaceutical trading. The three-month moving average deficit stood at $44.7 billion, a decrease of $33.8 billion compared to the same time last year, hinting at a more stable monthly trend.
Imports saw a 5% rise to $348.9 billion in November, largely due to a $7.4 billion jump in capital goods. Specifically, computer imports climbed by $6.6 billion, while semiconductor imports rose by $2 billion. There was also a significant increase in pharmaceuticals, which went up by $6.7 billion following an October drop.
On the export side, there was a 3.6% decline to $292.1 billion, driven mainly by decreases in non-monetary gold ($4.2 billion), other precious metals ($2.6 billion), and pharmaceuticals ($2.9 billion). Movements in gold, amounting to $11 billion between October and November, are typically excluded from GDP assessments by government officials.
The rise in capital goods imports marks a sustained demand for technological infrastructure, especially for artificial intelligence and data center equipment. Throughout November, many of these items remained largely exempt from tariffs under current regulations.
From the start of the year through November, the goods and services deficit increased by $32.9 billion (4.1%) compared to the same timeframe in 2024. While exports grew by 6.3%, imports also rose by 5.8%.
When adjusted for price changes, the real goods deficit increased by $23.5 billion (36.9%) in November, contrasting with a 47.3% increase in the nominal deficit, indicating that some pricing effects played a role in the monthly fluctuations.
Bilateral trade deficits in November included Mexico ($17.8 billion), Vietnam ($16.2 billion), Taiwan ($15.6 billion), China ($14.7 billion), and the European Union ($14.5 billion). Notably, the EU’s deficit increased by $8.2 billion from October due to a $400 million drop in exports and a $7.7 billion rise in imports.
These trade statistics emerge amidst a sharp acceleration in U.S. productivity growth, with non-farm productivity rising by 4.9% in the third quarter of 2025—the fastest rate in several years. Imported capital goods, especially semiconductors and computing infrastructure, are seen as crucial inputs for a tech sector that has significantly bolstered productivity growth.
